Ann: Chairman & CEO AGM Address, page-3

Are you sure Plough? - $500K for a deviated vertical well including completion and surface equipment costs sounds cheap to me.

I can't really comment comment on royalties bit, but it should be part of the Opex calculation in single well economics. The single well economics looks good to me and my estimation the mid case single well economics should able to meet their 10 year well development plan i.e. oil well recycle ratio. The question would be their decline curve assumption. But a hyperbolic decline curve is pretty conservative.